MAYOR MICHAEL R. BLOOMBERG, GOVERNOR GEORGE E. PATAKI AND ASSEMBLY
SPEAKER SHELDON SILVER ANNOUNCE
TAX-FREE DAYS TO SUPPORT SMALL BUSINESSES
IN LOWER MANHATTAN

Tax exempt days include
June 9th through 11th, July 9th through 11th, and August 20th through
22nd

Mayor Michael R. Bloomberg and Assembly Speaker Sheldon
Silver today announced three City and State sales-tax-free periods
-- nine days in total over the summer months -- in an effort to bring
shoppers downtown to help stabilize and revitalize the small business
community south of Houston Street after the events of September 11th.
Purchases of goods and services up to $500 will be exempt from the
8.25% sales tax during these tax-free periods. Governor George E.
Pataki, City Council Speaker Gifford Miller, Department of Business
Services Commissioner Robert Walsh, President of the Alliance for
Downtown New York Carl Weisbrod, Asian American Federation of New
York Executive Director Cao K. O, and Wall Street Rising President
and Founder Julie Menin also attended the announcement at City Hall.

"The vibrant
and varied shopping districts of Lower Manhattan are open for business,
and small businesses throughout the area stand ready to serve customers
who take advantage of these tax-free days this summer," said
Mayor Bloomberg. "From Soho to the Lower East Side, from Chinatown
to Battery Park City, I encourage you to spend your money -- tax free
-- in any of the thousands of retail shops, small businesses and eateries
in Lower Manhattan. I want to thank Speaker Silver for championing
this initiative to boost not only the economy but also the spirits
of businesses throughout downtown."

"In the aftermath
of 9/11, stores, restaurants and other establishments throughout Lower
Manhattan experienced a huge loss in customer traffic, and many are
still struggling," said Speaker Silver. "Attracting customers
back to this vibrant community is key to our rebuilding efforts. That
is why I proposed these sales-tax-free days and made sure that they
were included in the final enacted state budget."

Purchases of goods
and services up to $500 in the Lower Manhattan Resurgence Zone --
the area below Houston Street river to river -- will be exempt from
City and State sales tax for three three-day periods including Sunday,
June 9th through Tuesday, June 11th, Tuesday, July 9th through Thursday,
July 11th, and Tuesday, August 20th through Thursday, August 22nd.
Tax-free activities include eating in restaurants, staying at hotels
and motels, and buying items such as clothes, pre-paid phone cards,
CDs and electronics equipment. Motor fuel, cigarettes and tobacco
products are not included.

"We applaud
Mayor Bloomberg and Speaker Silver for agreeing to nine sales-tax-free
days as part of the City and State budgets," said Mr. Weisbrod.
"What downtown retailers want most of all are customers. And
now that Lower Manhattan is, once again, fully and easily accessible
to all metropolitan area residents, these tax-free days will attract
customers in an effort to reestablish pre-September 11th buying patterns."

"With over
1,400 retail shops and nearly 300 restaurants, Manhattan's Chinatown
is an active commercial hub as well as a major tourist destination,"
said Mr. Cao O. "Increased spending throughout the neighborhood
will greatly enhance economic recovery efforts of Chinatown and Lower
Manhattan."

"Since September
11th, Lower Manhattan has lost one-third of its customer base, severely
impacting the recovery of the small businesses downtown," said
Ms. Menin. "This tax-free initiative will truly provide an incentive
for people to come to Lower Manhattan, to shop, to spend money and
help continue the recovery of these small businesses."

"One of the
best ways to support Lower Manhattan businesses is by patronizing
them," said EDC President Alper. "Shopping in Lower Manhattan
during the sales tax-free days is a great way to help downtown retailers,
while also saving money. I urge people to take advantage of downtown
shopping opportunities, particularly during these tax-free periods."

"Supporting
small businesses of all kinds is the single-most important tool at
our disposal to bring about full economic recovery in areas that need
it most," said DBS Commissioner Walsh. "This summer's tax-free
days are a smart strategy to generate activity in the streets and
shops of downtown Manhattan that will translate into sales and restored
economic health."